Algorand crypto traded on a stronger note on Wednesday after shedding yesterday’s losses. The crypto gained strength and bounced back higher today after retracing the 50-Day EMA and is hovering near the weekly high.
ALGO crypto entered a correction phase from the very start of the financial year 2024 which continued till the 1st week of February when the crypto stabilized near the 200-Day EMA and made a breakout on the higher side.
The breakout materialized post a rise in volume which helped the buyers counter the sellers near the 50-Day. The crypto started the week on a bullish note and has been trading on the higher side except for yesterday’s session.
Furthermore, the buyers have recovered from yesterday’s price drop by this afternoon and might continue to push the price higher in order to form an upward trajectory.
At the time of writing, ALGO was trading at $0.183 recording a positive intraday development of 3.40%. The ALGO token has a live market capitalization of $1.468 Billion and ranks 56th among all the cryptocurrencies. It had a 24-hour trading volume of $53.453 Million with an intraday increment of 1.02%.
Algorand Crypto Technical Analysis
As observed on a daily chart, the ALGO crypto trades above the 20, 50 and 200-Day EMAs, suggesting a strong outlook on the chart. The crypto has broken out of the correction phase and may extend its move on the higher side.
On the upper side, $0.19 and $0.20 may act as supply zones which could lower the momentum. However, the crypto may easily surpass these levels to form a new swing high if it rises with increased momentum.
At the time of writing, the MACD line was placed at 0.003 above the zero line and the signal line was at -0.002 below the zero line. Moreover, a bullish crossover of both the lines was observed on the chart, suggesting a positive outlook.
Algorand Price Prediction for February 2024
The positive view of analysts predicts an upside potential of nearly 20.48% in February 2024, if the buyers resume to push the price higher with momentum. It could take the ALGO token price near the recent swing high of $0.22.
On the other hand, the bearish view of analysts predicts that the price could drop to the $0.15 and $0.10 levels after the breakdown of the 50-Day EMA.
Algorand Price Prediction for 2024
The price prediction for 2024 shows that the ALGO token may advance to a high of $0.314 by the end of 2024. The less optimistic analysts estimate a price target of $0.253 by the end of the year.
Algorand Price Prediction for 2025
Over the next two years, The ALGO price may hit the $0.487 mark, suggesting an upside potential of 165.48% by 2025. The pessimistic view is that the price could reach $0.338 by the end of the financial year 2025.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2024/02/14/algorand-crypto-rebounds-from-50-ema-are-buyers-back-in-the-game/